The most popular cryptocurrency, bitcoin (BTC) has started discovering its new all-time highs (ATHs), moving above USD 62,000 for the first time in its history and liquidating almost USD 200m in short trading positions in one hour.
A the time of writing (08:25 UTC), BTC is trading at around USD 62,600 and is up by 3% in a day and 6.5% in a week.
BTC hit its previous ATH on March 13, reaching USD 61,712 (per Coingecko), and it surpassed this level one day before a direct listing by the largest US crypto exchange, Coinbase.
At the same time, ethereum (ETH) is up by 0.6% in a day and 5% in a week, trading at USD 2,202, and also hitting its new all-time high against USD.
"Bitcoin has been consolidating over the last month, while altcoins have hit fresh yearly highs. This is healthy consolidation for Bitcoin given that we have already hit close to 100% YTD return on BTC and the market needed to take a pause," Pankaj Balani, CEO and Co-founder of Delta Exchange, a crypto derivatives exchange, said in an emailed comment.
According to him, a successful break out above the USD 60,000 level can push BTC towards USD 65,000 while it also might challenge the USD 70,000 – USD 75,000 levels.
"The digital token space continues to see tremendous growth and technological advances against a backdrop of increasing institutional adoption and Wall Street’s embrace of blockchain-based businesses. As a result of the growing demand in DeFi, tokens other than bitcoin are expanding their reach, with select tokens emerging as front runners due to their efficiency and utility," Paolo Ardoino, Chief Technology Officer of Bitfinex, added.
(Updated at 08:42 UTC with additional comments, details.)